CNinsure 2Q Profit Rises Almost 40 Percent

SAN FRANCISCO (AP) — Chinese insurance agency and brokerage CNinsure Inc. said Wednesday that its second-quarter profit climbed nearly 40 percent, helped by an increase in its number of salespeople and claims adjusters.

For the quarter that ended June 30, CNinsure earned 84.6 million yuan ($12.4 million), or 1.84 yuan (27 cents) per American Depositary Share. This compares with a profit of 60.6 million yuan, or 1.33 yuan per share, in the year-ago period.

Revenue rose 33 percent year over year to 285.7 million yuan ($41.8 million). CNinsure said the growth stemmed in part from having a larger number of salespeople and claims adjusters working in 22 provinces, compared with just 13 provinces last year, along with recent acquisitions.

The company also benefited from $2.8 million in investment income in the second quarter.

CNinsure shares fell $1.34, or 7 percent, to close earlier at $17.90.